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Top Ten Mistakes on Deposit Compliance Exams

Webinar: ID# 1014691
Recorded CD or On-Demand
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About This Course:

Questions regarding deceased renters, payable-on-death clause, living trusts, court orders, Servicemembers Civil Relief Act, USA Patriot Act, Suspicious Activity Reports, power of attorneys, Americans with Disabilities Act, past due boxes, abandoned property and many other legal and compliance issues have caused great concern and confusion for the safe deposit industry. At this workshop you will receive current information about all of these issues and an in-depth explanation about how they impact on your financial institution and your safe deposit box renters.

What You'll Learn:

  • Does the “Beneficial Ownership of Legal Entities” law apply to business boxes? 
  • What “SEVEN” past due fees can be collected from a delinquent box renter? 
  • Who can legally access and remove contents from a deceased renter’s box? 
  • Does the Servicemembers Civil Relief Act (SCRA) apply to past due boxes?  
  • Can you title a lease as a “living trust” or add a “payable of death” clause?
  • What seven suspicious safe deposit transactions always trigger a SAR?
  • How does the USA Patriot Act affect all safe deposit areas nationwide?
  • What BSA & SAR violations are compliance examiners finding today?
  • What should we do if dangerous content are found in a past due box?
  • When are box contents sent to the Unclaimed Property Department?
  • In most states who must be present when a past due box is drilled?
  • How can poor box drilling procedures make a box renter very rich?
  • Do you have “Right of Offset” against a past due renter’s account?
  • Can you report a past due box renter to a credit-reporting agency?
  • What careful wording should be used in a FINAL past due notice?
  • How does the American with Disabilities Act affect safe deposit?
  • How should you answer a renter’s question about insurance?
  • Should a power of attorney be used to enter a renter’s box?
  • Can renters legally store money, guns or drugs in a box?

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Top Ten Mistakes on Deposit Compliance Exams
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